Q: Investorideas.com staff
Mr. Kenyon, your Company just announced the details of a multi-year contract with the City of Toronto for the issuance of prepaid payment cards, with the first phase of the roll out for Toronto Employment and Social Services (TESS) for the delivery of Social Assistance disbursements. Can you give investors the significance of this contract in context of the services it provides?
A: Mr. Bryan Kenyon, Executive Vice President
This contract is a big step forward for social assistance recipients and the City of Toronto. The City Services Benefit Card is the first of its kind EMV (chip and PIN), instant-issue prepaid card program to be launched in North America. The introduction of the card replaces the need to produce paper cheques, resulting in significant cost savings for the City as well as for recipients who will no longer have to incur expensive cheque-cashing fees. This contract is very significant for SelectCore in the fact that having completed this highly complex implementation, we now have the technology, infrastructure, capabilities and expertise to deliver turn-key or completely customized check-replacement programs to any government agency in Canada.
Q: Investorideas.com staff
What is the potential revenue stream from this contract and over what period?
A: Mr. Bryan Kenyon, Executive Vice President
The potential high-margin revenue for the initial three-year period of the contract is estimated to be in the $15 million to $18 million dollar range.
Q: Investorideas.com staff
Do you see Federal Governments as potential clients and if so, what is the process for procuring contracts at that level?
A: Mr. Bryan Kenyon, Executive Vice President
We clearly see Federal Governments and the entire public sector as an emerging market for our prepaid payment solutions. Similar to the City of Toronto contract, we expect to competitively bid in various RFP processes initiated by not only federal, but also provincial and local government agencies. We intend to showcase our expertise and differentiated capabilities for delivering robust, cost effective and cardholder-friendly programs.
Q: Investorideas.com staff
Who is your competition in the marketplace and what are your competitive advantages?
A: Mr. Bryan Kenyon, Executive Vice President
Although the Canadian market for prepaid card programs is still in early growth stages, we do have a small number of companies that compete in our space. SelectCore however is well-positioned to compete in this market as we have a host of competitive advantages including first to market solutions and the experience necessary to help corporate clients and government agencies alike adopt prepaid card programs. Our platform is highly secure, reliable and has the flexibility to meet the demands of virtually any prepaid scenario. As a nimble organization, we are optimally suited to compete on price, service and product features and functionality.
About SelectCore
SelectCore Ltd. (TSX-V: SCG) is a pioneer and leader in prepaid payment solutions for underserved markets. Founded in 1999, the Company offers a range of prepaid products and services from stored-value cards to mobile top-up that provide financial empowerment to a market of millions of under-banked consumers. SelectCore has been ranked among Canada's fastest growing companies by Profit Magazine four times in the past six years and was included in the 2011 Deloitte Technology Fast 500 list of North America's fastest-growing technology companies. For more information visit www.selectcore.com .
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